Iran-Pakistan Bilateral Trade to Rise to $5bln in 4 years: Minister

TEHRAN (Tasnim) – Iranian Interior Minister Abdolreza Rahmani Fazli announced that Tehran and Islamabad have agreed to increase the value of bilateral trade between the two neighboring countries to five billion dollars by the next four years.

Speaking after the 20th session of Iran-Pakistan joint economic commission on Tuesday, Rahmani Fazli said following several months of meetings and expert talks, the two countries reached “very good agreements” on various economic, industrial, energy, communications and security issues.

“Iran and Pakistan are considered as major markets for each other and we have five border markets near Pakistani border,” he said.

The interior minister further emphasized that given the existing capacities, the two countries can reach their goal which is to increase the value of bilateral trade to $5bln by the next four years.

During the joint economic commission chaired by Rahmani Fazli and Pakistani Minister for States and Frontier Regions Abdul Qadir Baloch, the two sides signed a memorandum of understanding (MoU) to boost cooperation in various fields.

In a visit to Pakistan earlier this year, Iranian President Hassan Rouhani met with Pakistani Prime Minister Nawaz Sharif and underlined the necessity for closer cooperation between the two neighboring countries in economic fields.

Back in 2016, high-ranking officials from the two countries signed six memorandums of understanding (MoUs) to strengthen bilateral cooperation in various areas, including health, commerce, security and foreign services.

The documents were signed in a ceremony in Islamabad on March 26, attended by Iranian President Hassan Rouhani and Pakistani Prime Minister Nawaz Sharif, after a meeting between the two countries’ delegations.